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New Dubai Gold And Commodities Exchange Scheduled For 2005

by Lorys Charalambous, Tax-News.com, Cyprus

10 November 2004


Dubai will soon be home to a new gold and commodities exchange after the Dubai Metals and Commodities Centre and the Multi Commodity Exchange of India announced a project to launch the Dubai Gold and Commodities Exchange which will use an electronic trading platform provided by Financial Technologies (India) Limited.

Following the signing of a Memorandum of Understanding between the DMCC, the MCX and technology provider Financial Technologies (India) Limited (FTIL), the new exchange is expected to open its trading doors in the latter half of 2005, subject to regulatory approval.

“The creation of the DGCX is a landmark achievement in the development of Dubai's infrastructure, and will deliver an excellent value proposition for the global trading community,” observed Mr. Ahmed bin Sulayem, DMCC's Chief Operating Officer.

The transactions on the DGCX will take place on a state-of the-art electronic trading platform which will be deployed by FTIL, in line with the system which has been in operation on the MCX since 2003.

DMCC's Executive Director for the Gold and Precious Metals sector, Mr Colin Griffith, adds: "Appropriately for the 'City of Gold,' the first contract listed on the exchange will be gold, but that will be quickly followed by other contracts.”

Mr Griffith explained that plans are in the pipeline for the eventual listing of silver, steel, freight, cotton and energy futures and options contracts.

“This landmark achievement unfolds the real potential of the Indian technology expertise,” observed Mr Jignesh Shah, MCX Managing Director, and Chairman & Managing Director of FTIL.

“It's a clear vision of all the partners that DGCX will emerge as a vibrant global exchange in the shortest possible time," he added.


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